Trump's Tax Plan

'One big, beautiful bill' plans to make that even better in 2025

Here's a breakdown of exactly what's in Trump's tax plan:

— Mitchell Baldridge (@baldridgecpa) January 12, 2025

Major individual benefits -

- Keep lower tax brackets
- Kill SALT cap of $10k (huge in high tax states like CA, NY)
- Estate tax exemption stays at $13.99M
- Zero tax on Social Security benefits
- No tax on tips!

— Mitchell Baldridge (@baldridgecpa) January 12, 2025

Timing matters -

Speaker Johnson wants this passed by APRIL through reconciliation. That means big decisions are coming fast.

However, Kiplinger's says these changes start in 2025/2026 after the natural phase out of TCJA, and will not be retroactive to 2024.

We'll see!

— Mitchell Baldridge (@baldridgecpa) January 12, 2025